Parrot Finance to Begin PRT Token Buyback on Monday, Capping Fiery Vote

Beleaguered DeFi protocol Parrot Finance is moving forward with an activist investor-led plan to phase out its PRT token and will begin redemptions on Monday, according to posts in its Discord server.

The Solana-based lending and stablecoin market plans to buy PRT tokens from all sellers at a price of $0.0045 apiece via a stablecoin market set up on the OpenBook decentralized exchange. This redemption period will last for eight weeks and conclude with the sunsetting of PRT, Parrot’s governance token.

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The redemption program’s greenlighting is the result of a community vote to return a slice of Parrot’s treasury – valued north of $70 million – to token holders. It passed with a lopsided 99% in favor but faced backlash from small-time investors who feel Parrot’s developer team is keeping too much of the treasury for itself.

Original investors of Parrot and PRT can expect to recover about a tenth of the value they put in. Newcomers, particularly the activist investors who pressured Parrot’s leaders for a redemption program, could make many multiples, depending on when they bought in.

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Parrot’s redemption program comes two years into the project’s unremarkable run on the Solana blockchain, where it has failed to catch fire despite raising an over $90 million warchest from retail and venture investors.